Small businesses need to stay afloat during the current economic downturn. This means changing with the times and altering business strategies. Jason Zickerman, president and CEO of The Alternative Board, a coaching franchise system, says it is essential for small companies to take a stronger approach in order to survive these hard times.
"This economy will unfortunately take businesses out," says Zickerman. "Companies need to question themselves if they aren't making changes in the current situation."
Zickerman offers tips to help small business owners keep focus:
-- Perform a 90- or 180-day cash flow forecast. Try to update the projection each month. Sign accountants in order to better understand how to create a cash flow analysis.
-- Pay attention to the certain elements that can affect cash flow. Keep up inventory; poor managing of inventory is common. Watch customers and make sure you know what they owe you. Discuss terms on your purchases and accounts payable.
-- Stay in touch with customers. It is important to be aware of your clients' feelings toward your products or services. Try to keep customers as happy as possible.
-- Continue marketing. Businesses that haven't stopped marketing are doing better in this economy. Be more aggressive; confidence is portrayed when money is spent on exposure.
-- Talk with your workers. Maintain employee involvement in meetings. Gain their perspectives and include them in the company's survival tactics.
-- Keep the strong staff. If the budget calls for a staff reduction, avoid firing those who are committed and play a big part in the company. You don't have to base cuts on seniority or salary. Try not to fire multiple employees at once. It is better to do it one at a time.
-- Find support through networking. You shouldn't be alone during these slow times. Connect with other business owners to share ideas and learn tips.
NEW YEAR RESOLUTIONS
When it comes to New Year's resolutions, some workers want to look for a new job. Even with the economic downturn, 19 percent of employees hope to leave their current position by the end of the year, according to a CareerBuilder.com survey that questioned more than 8,800 workers.
There wasn't one specific reason for workers wanting a career change. Forty-nine percent of employees are looking for a better salary and/or career advancement possibilities. Fourteen percent of workers want to find an atmosphere with greater appreciation, while 10 percent of employees plan to search for a company that makes a difference in the world.
The key objectives that keep employees satisfied include:
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